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Forex traders watch monitors in the forex trading room at KEB Hana Bank headquarters in Seoul, South Korea on Friday, October 8, 2021. Asian stocks followed Wall Street higher on Friday after U.S. lawmakers cut back temporarily avoided a possible default on government debt while investors waited for US jobs figures.
A currency trader walks past screens showing the Composite Korean Stock Price Index (KOSPI), left, and the exchange rate between the US dollar and the South Korean won in the foreign exchange trading room at the headquarters of KEB Hana Bank in Seoul, South Korea, Friday, October 8, 2021. Asian stocks followed Wall Street higher on Friday after US lawmakers temporarily avoided a possible public debt default while investors waited US employment figures.
Forex traders watch monitors in the forex trading room at KEB Hana Bank headquarters in Seoul, South Korea on Friday, October 8, 2021. Asian stocks followed Wall Street higher on Friday after U.S. lawmakers cut back temporarily avoided a possible default on government debt while investors waited for US jobs figures.
Forex traders walk past screens displaying exchange rates in the forex trading room at KEB Hana Bank headquarters in Seoul, South Korea on Friday, October 8, 2021. Asian stocks followed Wall Street higher on Friday. after U.S. lawmakers temporarily avoided a possible government default while investors waited for U.S. jobs numbers.
Pedestrians walk past the New York Stock Exchange on Monday, October 4, 2021, in New York City. US stocks open mixed on Friday, October 8, after a disappointing jobs report swept across Wall Street and raised questions about whether the Federal Reserve will change its timeline to reduce its support for markets.
By STAN CHOE, DAMIAN J. TROISE and ALEX VEIGA AP Business Writers
Wall Street closed a wobbly trading day with a large drop in equities on Friday, after a weak employment report raised questions about the Federal Reserve’s timetable to reduce its immense support for markets.
The S&P 500 fell 0.2% after fluctuating between small gains and losses for much of the day. The modest drop ended a three-day winning streak for the benchmark. Despite that, he managed a 0.8% gain for the week, less than half of the index’s loss last week.
The Dow Jones Industrial Average fell 8.69 points, or less than 0.1%, to 34,746.25, while the Nasdaq composite slipped 74.48 points, or 0.5%, to 14,579, 54.
Wall Street reacted with uncertainty and disappointment to the highly anticipated September jobs report. US stocks fluctuated throughout the day, as did Treasury yields.
The 10-year Treasury yield climbed to 1.60% from 1.57% Thursday night after initially falling to 1.56% immediately after the jobs report was released.
Small business stocks fell more than the overall market. The Russell 2000 Index lost 17 points, or 0.8%, to 2,233.09.
Much of Wall Street assumed that the job market had improved enough that the Fed soon began to cut back on its monthly bond purchases meant to keep interest rates in the long term. Investors had also asked the central bank to start raising short-term interest rates at the end of next year. The current ultra-low interest rates have been one of the main forces pushing stocks to record highs.
